Gold sourcing controls to be implanted in UAE’s AML Laws

Traders have been flocking to the United Arab Emirates for almost a century in quest of commodities and gold. The Emirate of Dubai earned the title ‘City of Gold’ as a result of this thriving trade. Besides oil, it is the city’s most profitable export. Dubai has taken advantage of its strategic location by establishing jewelry-making enterprises, and gold refineries. Due to the surge in bullion market transactions, financial crimes and other illegal activities have begun to worm their way into the country, causing the economy to be affected.

As a result of this, the government of the United Arab Emirates (UAE) has stated that gold sourcing criteria would be included in anti-money laundering regulations. This is to guarantee that refineries have to get their gold from ethical sources. Furthermore, refineries must conduct periodic audits to guarantee that gold is sourced responsibly.

The FATF, an intergovernmental organization dedicated to preventing money laundering, has pushed for stronger enforcement regulations. The government’s action will most likely target bullion trading linked to criminal activity and other issues. The Anti-Money Laundering (AML) Department of the UAE Ministry of Economy will enforce responsible sourcing standards in all UAE refineries, according to the UAE Ministry of Economy. All refineries would be subjected to a responsible sourcing audit. In addition, the UAE has decided that gold refiners must join a “UAE Good Delivery Standard” certification program, which will set responsible sourcing rules. If a refinery does not meet the regulations, it will be fined.Financial Institutions would gain from the integration of gold sourcing regulations because they would be better able to comprehend and implement complete anti-money laundering controls. We must keep a watchful eye on the financial crimes that are gradually infiltrating our society in order to combat them.

Governments all across the world have taken steps to strengthen the inspection of anti-money laundering (AML) systems and controls. Individuals and businesses must adhere to minimal standards, and failure to do so can result in sanctions and legal repercussions. When done appropriately with the assistance of a professional firm, it can reduce the negative repercussions of unlawful economic activity while also improving financial market stability and resilience.

HLB HAMT is a well-known consulting organization that conducts independent audits of anti-money laundering compliance regimes across a wide range of industries. Our team of professionals can help you develop, execute, and improve your compliance program for financial institutions and other Designated Non-Financial Businesses and professions.

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